\textit{Panel A: Exogenous price }    &  \multicolumn{2}{c}{Comparison of cartel to: }      \\ 
                    &\multicolumn{1}{c}{Cournot}&\multicolumn{1}{c}{Pre-1898 conduct}\\
 \hline  &&&\\   
Relative wage change&      -0.103&      -0.059\\
\addlinespace
Relative employment change&      -0.102&      -0.059\\
 &&&&   \\     \hline    
\textit{Panel B: Endogenous price }    &  \multicolumn{2}{c}{Comparison of cartel to: }      \\ 
                    &\multicolumn{1}{c}{Cournot}&\multicolumn{1}{c}{Pre-1898 conduct}\\
 \hline  &&&\\   
Relative wage change&      -0.251&      -0.167\\
\addlinespace
Relative employment change&      -0.249&      -0.166\\
\addlinespace
Relative price change&       0.174&       0.100\\
\addlinespace
Relative output change&      -0.283&      -0.195\\
 &&&&   \\     \hline    
